China is poised to join the US as a leading global force for innovation, with other Asian countries following closely behind. As Asian innovation comes into its own, the US and other developed countries must find ways to participate – or risk missing the opportunity of the century in a vain bid to recapture bygone supremacy.

Lenders scramble to comply with new rules to limit window-dressing

A century ago, financial markets priced in a very low probability that a major conflict would occur, blissfully ignoring the risks that led to World War I until late in the summer of 1914. Back then, markets were poor at correctly pricing low-probabili…